Fixed Savings Plan
What is a better start to realizing your dreams for the future than by having a lump sum payment at a predetermined date? Whether it’s traveling, buying a house or paying for your child’s wedding, the Fixed Savings Plan plan is designed just for you.
This policy has been designed to enable one to build a fund over a period of time and at the same time make provision in case of an early death.
It also assures a lump sum at a desired age, which can also be reinvested to provide an annuity during the remainder of your life.
The premium will be payable for the policy term selected [capped at 20 years] or until the death of the life assured if it occurs within the term.
The minimum and maximum ages at entry are 18 years and 65 years respectively. The maximum maturity age is 70 years.
Why the Fixed Savings plan?
This plan allows a controlled, organized and relaxed way to save for a specific future financial need. The savings process helps you to enjoy decent returns while at the same time offering you a life cover. The Fixed Savings plan provides an excellent alternative to a loan.
The plan has a [saving period] which ranges from 5 to 20 years, which will be chosen by you, and this will depend on when you require the funds.
This is determined by:
- Life assured’s age.
- Frequency of premium payment.
- level of cover selected.
- Term of the policy.
The premiums can be paid on a monthly, quarterly, semi-annually or annually and the modes of payment include Standing Order, Cheque, and Direct Debit Authority, M-Pesa or Salary Check off.
The premium is payable up to the end of the term of the policy or on earlier death.
- The policy term ranges from 6, 9, 12,15 and 18 Years
- Premium will be payable for the policy term selected or until the death of the life assured if it occurs within the term.